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Metals Cap Turbulent Week as Rusal Sanctions Fuel Supply Fears

  • Bernstein’s Gait says focus is on where Rusal can sell metal
  • U.S. Treasury’s Mnuchin doesn’t rule out additional penalties
A worker watches as large aluminum slabs are moved by overhead crane in the foundry at the Krasnoyarsk aluminum smelter, operated by United Co. Rusal, in Krasnoyarsk, Russia.
Photographer: Andrey Rudakov/Bloomberg
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After two weeks of extraordinary trading, investors are taking stock of the fallout from U.S. sanctions against Russia’s United Co. Rusal.

Aluminum and nickel surged this week as global supply chains were disrupted by the sanctions. Major shipowners and Japan’s buyers are among the latest to cut dealings with Rusal, the world’s biggest aluminum maker outside of China.